The global Process Automation and Instrumentation Market is likely to grow significantly during the projected period (2018 to 2022). Factors such as adoption of Internet of Thins (IoT) across different industries and shift in production method from traditional methods to digitalized systems are the primary market drivers. Increasing labor wages in manufacturing hubs and high demand for practical solutions that can control failures at component level are anticipated to further propel the market in the forthcoming years.
Instrumentation products are widely used in various process industries for standardization and measurement purposes. Automation solutions offer effective monitoring and controlling of manufacturing processes and reduce plant downtimes. Rising need to reduce the overall manufacturing costs is expected to drive the market growth. Process automation as well as instrumentation solutions assist organizations for optimizing business output by efficiently monitoring production processes. Adoption of operational technology (OT) coupled with information technology (IT) are projected to gain considerable traction across various end-use industries.
However, high rate of instrument failure may limit the market growth over the forecast period. Nevertheless, most market manufacturers are keen on developing advanced products for better customer experience and market penetration. The convergence of OT and IT involves union of OT systems like supervisory control and data acquisition (SCADA) and manufacturing execution systems (MES) with IT solutions like customer relationship management (CRM) and enterprise resource planning (ERP). In addition, increasing adoption of multivendor portable applications is one of the major driving factors for the process automation and instrumentation market.
For instance, recently, Schneider Electric, a provider of automation services introduced packaging solution called EcoStruxure Machine. The machine is built on Industrial Internet of Things (IIoT) enabled platform. It can be integrated to the IT layer to collect data for analysis. This data can be used for efficient operations as well as maintenance. In addition, the can enable the convergence of OT with IT to offer web interface and real-time control.
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The worldwide process automation and instrumentation market can be split on the basis of product, regions, and end-user. Based on product, the market can be segmented into process automation and process instrumentation. As per end-user, the market can be categorized into oil and gas, power, chemical and petrochemical, water and wastewater, and others. Geographically, the market can be divided into Americas, Asia Pacific (APAC), and Europe and Middle East & Africa (EMEA).
The Americas region is considered as one of the largest markets for process automation and instrumentation. The growth in the region can be attributed to rising investments from various industries particularly petrochemicals and chemicals for developing new plants and installation of new equipment in the region. Increasing labor costs is also expected to drive the regional market in the forthcoming years.
Asia Pacific is also likely to exhibit rapid growth during the forecast period due to favorable government policies, rapid industrialization, and steady development in industrial activities. In addition, high expenditure in energy and power segment and growing investment in power transmission and distribution may further impel the demand for process automation and instrumentation services.
Key players operating in the process automation and instrumentation market include Emerson Electric, ABB, Rockwell Automation, Honeywell, and Schneider Electric. The market comprises several international and regional participants. International companies are expected to rule the market in terms of technological innovations, reliability, durability, quality, and customer assistance.
Regional market players are projected to provide extended aftersales services post installation. Most major companies are also expected to increase their budget for research and development activities. Also, mergers and acquisitions may remain one of the major business strategies0 implemented by most competitors in the global arena.
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The market is divided into the following segments based on geography:
• Emerson Electric
• Mitsubishi Electric
• Rockwell Automation
• Schneider Electric
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